In August 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2023-08, which provides guidance on the accounting and disclosure of crypto assets for organizations, including nonprofits. With the growing presence of cryptocurrencies and other digital assets in both investment portfolios and transactions, nonprofit leaders must familiarize themselves with these updated standards […]
We have all heard of healthy habits for successful people, but what are some of the most important habits for nonprofit accountants, advisors, staff, or volunteers supporting a nonprofit organization’s financial infrastructure? We’ve mapped out our favorites below: 1. Timely Communication Prompt follow-up is crucial in accounting. It’s more than just a courtesy; it’s a […]
Gifts-in-kind, GIK, in-kind, non-cash, call it what you may, the reporting principles surrounding non-financial assets such as donated goods and services have eternally been silent. This silence has led to substantial diversity in practice in the nonprofit accounting community, which has resulted in financial statements that lack comparability and consistency. Until now. In September of […]
